Quote from: MusaPk on Today at 12:26:36 PM

Quote from: Egii Nna on August 17, 2024, 09:23:02 PM

There is one thing that I want you to understand in bitcoin: no matter what when you are investing, that doesn’t mean that you will have nothing to you for your personal self, or that means you should not enjoy yourself. No, even though we all know that we need profit in bitcoin and we want the investment, we still have to invest the money that we can afford losing. That is the point, and if you restrict yourself from having all that you are already using just for the sake of investment, then what do you think will happen if someone happens to your investment? Even though we know that bitcoin is the number one trusted and reliable cryptocurrency to invest in without panicking about anything, that doesn’t mean you will always have a profit. Time will come that you will also lose, even though it is not much, but sometimes it tends to be much.

All I want you to understand is that when I invest in bitcoin, you should always know that you don’t have to break yourself or your bank to achieve that because you will end up selling to fix other problems, and from there, that has affected your investment for a long time, so let us know what we are doing in the crypto space.

Quote from: DubemIfedigbo001 on Today at 01:56:44 AM

I've always had my reservations with cutting down fat to maintain a process and I'm always of the opinion that you mut not harm your lifestyle in order to contain a new profitable activity, you can do more to make more money and dedicate the extra funds to the new process and in this case investing in bitcoin.

for example, if you are a person who hates working overtime at your work place and you are living fine with it and then you decide to start your DCA journey, you can do it without harming your living standards, you can do as little as taking the overtime duration of work and dedicate the funds solely to your accumulation journey, that way you are able to separate concerns and being very specific with your investment funds and also your accumulation journey would be smooth while you maintain your living standards.

In the case of no overtime jobs, you could even take up a side hustle and dedicate two or three hours a day to it for your periodic accumulation of bitcoin. You should thrive to make more money to cushion a new responsibility so as not to contain the mentality of always having to discomfort yourself in order to entertain every new responsibility that comes your way as a person. The side effects of always discomforting yourself is that you can get fed-up with always being the victim and disengage yourself with everything that brings about much discomfort to you, but when you are always crafty and making more money, you have a lot of fun on the way, sort yourself out easily and your individual effective adaptation quality increases.

We have to come out of our comfort zone to get something big. I don't have enough cash to go for Lump-Sum investment so I prefer to go with 100$ per week (i.e. DCA method). If that money is available to me easily per week then it's fine otherwise I have to look for cuts to manage my investment. Don't think that investing 100$ in one or two month will take you to good financial status in future.
Do enjoy life but managing capital for investment must also be one of top priority for good future otherwise you will end up in loss. To me financial cuts mean, cutting down spending's on outdoor food (that is good for your health too), luxury items like branded clothes, wrist watches etc. There are spending's in our lives which we all can easily cut down without putting too much stress on our life styles.

Actually, when investing in bitcoin, you have to consider many things, and some of the things to consider include your income and your personal needs because these two things can affect your bitcoin investment easily. Because if your income is low and you are trying to squeeze yourself just to invest without taking care of your own personal needs, an emergency can come that you will end up using breaking your bitcoin investment to solve, and in this case you might sell those investments in lost.

So when am I talking about personal needs? I don’t mean luxury things and other expensive life; all I mean is that those basic needs have to be solved before investing so that your investment can be saved and held for the adequate time frame needed.